Today’s house hunter has no shortage of foreclosed homes which offer several benefits to the buyer. Foreclosed homes are not only cheaper as compared to other types of residential properties; they also allow the buyer to obtain desired inspections within the contingency period. However, despite all these cheaper real estate deals available in the Atlanta, GA real estate market, buyers continue to show, growing interest in new homes.
I recently read a report published by the Wall Street Journal. The report summarizes several latest trends in the Atlanta, GA real estate market, such as new home sales, pricing of residential properties, and mortgage financing. One of the most important findings of the report is the increasing demand of newly constructed homes in Atlanta.
New home sales in Atlanta, GA suffered a setback in June 2015 when they fell 6.8 percent within a month. This resulted in an adjusted annual sales of 482,000 properties compared to an expected rate of 550,000 as calculated by the Wall Street Journal. However, in 2016, good news awaits real estate agents in Atlanta, GA as the market of new homes is gaining momentum along with the broader Atlanta, GA real estate industry.
Atlanta, GA New Home Sales Increased in 2015
The recent data released by the Wall Street Journal shows that 2015 proved to be a good year for construction companies and real estate agents dealing in newly constructed homes as new home sales saw a climb of 25.5 percent from a year earlier. The year-over-year comparison was for the period of September 2014 to August 2015.
Overall, a total of 14,125 new properties were sold during these 12 months, up from 13,855 compared to the last year. The increasing demand for new homes in Atlanta, GA was also reflected in increased prices of the new real estate projects. The average price of newly constructed homes experienced a 5.1 percent surge on a year-over-year basis. Average price for new home was reported to be $332,882 per unit sold.
New Real Estate Developments in Atlanta, GA
The low housing inventory of Atlanta continues to impact home prices in the region, and in my opinion, the trend will continue for at least a year. However, with developers and home builders busy adding to Atlanta’s housing supply, real estate agents in Atlanta, GA will be able to close more real estate deals this year. Over 50 new residential projects are already in the construction phase or being discussed with the planning and zoning departments of the region. Some of the most notable projects include:
A 28-storey Midtown apartment tower proposed by the Hanover Company
A 38-storey building at 14th and West Peachtree streets proposed by the Related Group
A 350-unit apartment community near the Perimeter Center
These new real estate developments provide the real estate agents of Atlanta, GA a great opportunity to close more real estate deals this year and earn revenue. It’s time real estate agents prepare themselves to welcome this Atlanta, GA real estate boom.
For more industry related news and latest happenings, keep reading my blogs on Luther Ragsdale.com and Platinum Real Estate. I am looking forward to see you in my upcoming million dollar producer workshop. For more information on my upcoming workshop visit lutherragsdale.com. You can also download my free eBook ‘Social Media for Real Estate Agents’ to learn the tips and tricks of finding real estate leads online.